Bulgaria coastal resorts attract Russian buyers
The Prime London property market has benefitted from an influx of overseas investors during the last couple of years and a large number hail from Russia.
The latest location of choice for the wealthy Russian property buyer is Bulgaria. According to Select Properties of Bulgaria international real estate investors now account for 15 per cent of all residential real estate transactions in the country – almost double the amount of three years ago.
Nearly 80 per cent of all overseas transactions are made by cash rich Russian investors who seem to favour coastal areas and are attracted by the discounted property prices – house prices are around 40 per cent below peak prices achieved several years ago.
According to local agents Bulgarian real estate owners are more than happy to sell but only if the price is right.